16 th edition of this popular report

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1 European European Power Power Trading Trading th edition of this popular report This document includes a report summary, a table of contents, report format and price information, and an order form. Report Summary This 200 page report offers a comprehensive analysis of the European power trading market. It covers power trading volume trends, EU energy trading regulations, the emissions trading factor in the power business, the leading western and eastern European power exchanges, major brokers, top trading players, power industry fundamentals, and power company rankings. Market characteristics and developments are illustrated in 46 tables and 53 charts. Chapter 1 - European Power Markets Profile: this chapter reviews consumption, power generation, physical trading and supply price trends in the EU 28 market. It begins with a profile of Europe s position in the global power market. Next EU national markets and consumption trends up to 2015 are covered. A detailed review of the EU s power generation mix follows. The sizeable and important crossborder trading sector is also profiled. The chapter concludes with coverage of widely varying pre-tax supply prices in EU markets. In 2016 total power trading volumes jumped by 23% to a record high of 11,804 TWh. This was the highest annual growth rate since Indicatively assessed by average spot prices during the year, the market s notional value was 398 bn, a five year high. Chapter 2 European Power Industry Policies: this chapter reviews the EU policy framework for European power markets. First it presents a profile of key policy players. A sketch of market opening history follows. Next it covers the third energy package, which sets the main contours of today s regulatory system. Environmental policies are also covered, including developments in the troubled EU emissions trading scheme. A review of the crucial topic of energy trading regulation comes next. Chapter 3 Price Trends: this chapter profiles price developments, which have been highly volatile over the longer term. It begins with a review of historical price trends in the major wholesale power markets, including country rankings and major changes. Next the key fuel price indicators are covered - natural gas and imported thermal coal. An analysis of the commercial positions of gas and coal in the power markets is included, together with emissions price trends. Chapter 4 Power Trading Markets: this chapter presents a comprehensive analysis of power trading in the major markets - Germany, France, the Nordic region, the UK, Italy, Spain, and the Netherlands. It begins with a big picture profile of total trading volumes in spot and forward markets, followed by summaries of key drivers and trading market churn factors. The chapter then presents detailed reviews of sector trends, forward market rankings, and the key characteristics of all of the major markets. Major traders are also profiled. The chapter concludes with an analysis of the OTC brokerage sector. Chapter 5 Western European Power Exchanges: this chapter provides a comprehensive review of the western European power exchange business. It begins with a summary of the exchanges and their trading segment coverage. An overview of exchanges expansion initiatives and mergers and acquisitions follows. Next trading volume trends from 2012 to 2016 in all the main trading segments (spot, forward, and OTC clearing) are profiled. Reviews of exchange market makers, shareholders, and clearing providers follow. Chapter 6 Eastern European Power Exchanges: this chapter presents a review of the Eastern European power exchange business. It begins with coverage of exchange launches, numbers of participants and market makers. Next exchange shareholders, trading systems and clearing providers are profiled. A review of spot price trends over the last five years follows. It concludes with coverage of trading volumes from 2012 to 2016 in the spot, forward exchange and OTC clearing sectors. Chapter 7 Power Company Rankings: this chapter provides a profile of the top twenty European power industry players, ranked by power sales in It begins with a summary of key financial indicators. Next power sales and generation, carbon emissions and power trading volumes are reviewed. The chapter concludes with coverage of notable European power industry mergers and acquisitions in recent years Prospex Research Ltd. 1

2 Table of Contents 1 EUROPEAN POWER MARKETS PROFILE THE GLOBAL CONTEXT THE EUROPEAN UNION MARKET RANKING AND CONSUMPTION TRENDS Market Ranking Consumption by Sector THE DIVERSE GENERATION MIX CONVENTIONAL THERMAL POWER The EU Fuel Mix Gas-fired Markets Coal-fired Markets Lignite Markets NUCLEAR POWER HYDRO POWER WIND AND PHOTOVOLTAIC CROSS-BORDER TRADE SUPPLY PRICES Industrial Prices Residential Prices 31 2 EUROPEAN POWER MARKET POLICIES KEY PLAYERS IN POLICY AND REGULATION MARKET OPENING - AN HISTORICAL SKETCH THE THIRD ENERGY PACKAGE THE EU EMISSIONS TRADING SYSTEM The Policy Idea Scheme Coverage Emissions Trading Reforms for the Third Phase A Stricken Market EU Policy Support Measures THE CLIMATE ACTION PACKAGE FOR ENERGY AND CLIMATE OBJECTIVES FOR THE WINTER PACKAGE Overview The Market Design Initiative Directive and Regulation Revisions The Revised Renewable Energy Directive Energy Union Governance Risk Preparedness Trading Market Impacts TRADING REGULATION REMIT EMIR MiFID II and MiFIR Market Impacts BREXIT 61 3 PRICE TRENDS WHOLESALE POWER PRICES SIGNIFICANT FUEL PRICE EXPOSURE GAS, COAL AND EMISSIONS PRICE TRENDS 70 4 POWER TRADING MARKETS TOTAL TRADING VOLUMES KEY DRIVERS Prospex Research Ltd. 2

3 4.3 TRADING MARKET CHURN FACTORS SECTOR VOLUMES FORWARD MARKET RANKINGS AND STRUCTURES FORWARD MARKET CHARACTERISTICS Germany France Nordic Region UK Italy Spain Netherlands MAJOR TRADERS LEADING BROKERS Continental Europe and the UK Nordic Market THE CMA ENQUIRY - TRAYPORT AND MARKET PROFILING The CMA Intervention Trayport s Position Market Participant Views Market Insights WESTERN EUROPEAN POWER EXCHANGES POWER EXCHANGE BUSINESS SECTORS Short Term Physical Trading Forward Trading - Exchange Contracts and OTC Clearing Related Sectors EXCHANGE EXPANSION INITIATIVES CME EEX and ECC ICE Nasdaq Commodities Volume Gains from Rivals EXCHANGE MERGERS AND ACQUISITIONS EEX Group EPEX Spot ICE Nord Pool TRADING VOLUMES OVERVIEW Rising Volumes Exchange Total Volume Ranking SPOT MARKET TRENDS Total Volumes Geographical Market Trends Market Share of Consumption FORWARD EXCHANGE MARKET TRENDS Total Volumes Geographic Market Trends OTC CLEARING TRENDS Total Volumes Geographic Market Trends EXCHANGE MARKET MAKERS EXCHANGE SHAREHOLDERS CLEARING PROVIDERS EASTERN EUROPEAN POWER EXCHANGES POWER EXCHANGE GEOGRAPHIC AND MARKET COVERAGE SPOT PRICE TRENDS TRADING VOLUMES Spot Trading Prospex Research Ltd. 3

4 6.3.2 Forward Trading POWER COMPANY RANKINGS GROUP REVENUES PROFITABILITY OPERATIONS RANKINGS Sales Volumes Generation Volumes EMISSIONS POSITIONS Emissions Ranking Carbon Intensity TRADING VOLUMES MERGERS AND ACQUISITIONS Overview Belgium Bulgaria Denmark Finland France Germany Ireland Italy Luxembourg Netherlands Norway Poland Portugal Slovakia Spain Sweden Switzerland UK 197 Tables Table 1 Major World Power Markets, 2005 and Table 2 European Cross-Border Flows by Country, Table 3 Key European Power Policy Players 34 Table 4 EU, Norwegian, and Swiss Energy Regulators 37 Table 5 Winter Package Measures 49 Table 6 Western European Average Annual Spot Market Prices, Table 7 Major Market Power Trading Volumes and Values by Country, Table 8 Major Market Power Trading Volumes by Sector, Table 9 Major Markets Forward Power Trading Volumes by Sector, Table 10 German Forward Market Power Trading Volumes by Sector, Table 11 French Forward Market Power Trading Volumes by Sector, Table 12 Nordic Forward Market Power Trading Volumes by Sector, Table 13 UK Forward Market Power Trading Volumes by Sector, Table 14 Italian Forward Market Power Trading Volumes by Sector, Table 15 Spanish Forward Market Power Trading Volumes by Sector, Table 16 Dutch Forward Market Power Trading Volumes by Sector, Table 17 Leading Players in European Power Trading, by Region, Table 18 Nordic Broker Volumes, Table 19 Main Trayport Products 109 Table 20 Trayport Venues in European Power Trading, January Table 21 Named Market Participant Contributions to the CMA Trayport Enquiry 114 Table 22 Selected Market Participant Views on Trayport in the CMA Enquiry 115 Table 23 Market Participant Views on EU Regulations in the CMA Enquiry 120 Table 24 Western European Spot Exchanges, March Prospex Research Ltd. 4

5 Table 25 Western European Forward Market Exchanges by Country, March Table 26 Western European Power Exchange Volumes by Sector, Table 27 Western European Spot Volumes by Exchange, Table 28 Western European Spot Market Trading Volumes, Table 29 Western European Forward Market Volumes by Exchange, Table 30 Western European Forward Market Trading Volumes, Table 31 Western European OTC Clearing Volumes by Exchange, Table 32 Western European OTC Clearing Volumes, Table 33 European Power Exchange Market Makers, March Table 34 Western European Exchange Shareholders, March Table 35 Western European Exchange Clearing Providers, March Table 36 General Clearing Members of Power Exchanges, March Table 37 Eastern European Power Exchanges Overview, March Table 38 Eastern Exchanges Participants and Market Makers, December Table 39 Eastern Exchange Shareholders, Systems and Clearing, March Table 40 Eastern European Spot Prices, Table 41 Eastern European Spot Volumes, Table 42 Eastern European Forward Market Volumes, Table 43 Top 20 Companies Revenues, EBITDA and Net Income, Table 44 Top 20 Companies Power Sales, Generation and Capacity, Table 45 Major Companies Power Trading Volumes, Table 46 Major European Power Mergers & Acquisitions, Charts Chart 1 Major World Power Markets, Chart 2 EU 28 Net Power Consumption Ranking, Chart 3 EU 28 Power Consumption by Sectors, Chart 4 The EU 28 Net Power Generation Mix, Chart 5 EU 28 Net Power Generation Mix by State, Chart 6 EU 28 Net Power Generation by Conventional Thermal Fuels, Chart 7 EU 28 Gas-fired Market Ranking, Chart 8 EU 28 Coal-fired Market Ranking, Chart 9 EU 28 Lignite Market Ranking, Chart 10 EU 28 Nuclear Market Ranking, Chart 11 EU 28 Hydro Market Ranking, Chart 12 EU 28 Wind Market Ranking, Chart 13 EU 28 Photovoltaic Market Ranking, Chart 14 European Cross-Border Flows by Country, Chart 15 EU 28 Industrial Supply Pre-Tax Prices, First Half Chart 16 EU 28 Residential Supply Pre-Tax Prices, First Half Chart 17 Western European Average Annual Spot Market Prices, Chart 18 Western European Five Year Average Spot Market Prices, Chart 19 Spot Market Prices, Top Four Markets, 2004 February Chart 20 Dutch TTF Wholesale Gas Trading Prices, January Chart 21 ARA Coal Prices, 2012 January Chart 22 EU 2016 Emissions Allowance Futures Prices, 2012 February Chart 23 German and Dutch Clean Spark and Dark Spreads, 2012 January Chart 24 Power Trading Volume Split by Market, Chart 25 Major Market Power Trading Volumes, Chart 26 Major Market Churn Factors, Chart 27 Major Market Power Trading Volumes by Sector, Chart 28 Major Markets Forward Power Trading Volume Ranking, Chart 29 Trader Views on Competition Between Brokers and Exchanges 118 Chart 30 Rival Exchange Market Shares, Chart 31 Western European Power Exchange Volumes by Sector, Chart 32 Western European Power Exchange Total Volume Ranking, Chart 33 Western European Power Exchange Spot Market Volumes, Chart 34 Western European Spot Trading Market Shares, Chart 35 Western European Power Exchange Spot Volumes Ranking, Prospex Research Ltd. 5

6 Chart 36 Spot Volumes - Estimated Consumption Shares, Chart 37 Western European Power Exchange Forward Market Volumes, Chart 38 Western European Power Exchange Forward Markets Volume Split, Chart 39 Western European Power Exchange Forward Market Shares, Chart 40 German and Nordic Forward Exchange Market Volumes, Chart 41 Middle Tier Forward Exchange Market Volumes, Chart 42 Western European OTC Clearing Volumes, Chart 43 Western European OTC Clearing Volume Split by Market, Chart 44 Western European OTC Clearing Market Shares, Chart 45 German and Nordic OTC Clearing Volumes, Chart 46 Middle Tier Markets OTC Clearing Volumes, Chart 47 Eastern Europe Spot Share of Consumption, Chart 48 Top 20 Group Revenues Ranking, Chart 49 Top 20 Companies EBITDA Margins, Chart 50 Top 20 Companies Power Sales Ranking, Chart 51 Top 20 Companies Power Generation Ranking, Chart 52 Top 20 CO2 Emissions Ranking, Chart 53 Top 20 Carbon Intensity Ranking, Prospex Research Ltd. 6

7 About the Authors We research and report on Europe's wholesale markets for power, natural gas, coal, and emissions allowances. Our work focuses on trading volumes, marketplaces, leading players, market fundamentals, and regulatory developments. Prospex is independent and committed to relevant, accurate and unrestricted reporting and analysis. It does not accept sponsorship that would compromise this commitment. Prospex Research Ltd tel: +44 (0) web: Latest Prospex Reports For more detailed report summaries and order forms, please see European Gas Trading 2016 September 2016 We estimate that total European natural gas trading volumes rose by 13% in 2015 to a record high of just over 46,000 TWh. The market has continued to grow in the first half of we estimate that total European gas trading volumes increased by 16% year on year. This 238 page report offers a comprehensive analysis of European gas supply and demand, infrastructure, the trading market, brokers and exchanges, regulatory issues, top industry players, and more. The market s dimensions and trends are profiled in 54 tables and 45 charts. European Energy Exchange Markets 2016 September 2016 The cleared western European power, gas, coal and emissions markets are all growing in volume terms. The coal trading market is the volume star, surging by 46% in the first half of Power trading followed with a jump of 36%, while gas trading saw volumes rise by 24%. In the emissions market the growth rate was comparatively modest at 5%. This 50 report reviews trading volume trends, market structures, and exchange market shares in the cleared western European markets for power, natural gas, coal and emissions. The markets are also profiled and illustrated with 17 tables and 27 charts. European Coal Trading 2016 January 2016 The financial coal trading business has surged while the global coal industry plummeted into crisis. We estimate financial coal trading volumes in the main markets jumped by 44% on the year in 2015 to a record high above 5,300 Mt. This 101 page report covers the global coal market context of European trading, market fundamentals inside Europe, the emissions policy factor, physical and financial trading market characteristics, trading volumes, key players, the rise of clearing, and more. It is based on wide-ranging research and interviews with leading players in all of the major European markets. Market and industry indicators are also illustrated in 33 charts and 19 tables Prospex Research Ltd. 7

8 Report Format and Price and Info European Power Trading 2017 will be sent to you by in electronic format (Adobe Acrobat) in one of two different versions, depending on your needs: Individual User: one electronic file for individual use only. The file may be printed only once and cannot be copied or redistributed in any format. This version costs 1,395 (pounds sterling) or ~ 1,620 (euros). Multiple User: this version can be used by more than one person or, in the case of five or more users, even placed on your company s intranet. See the table below for multiple user pricing and savings in pounds sterling. Number of users unlimited Full price, (pound sterling) 2,790 4,185 5,580 6,975 Multiple user savings on cover price ,136 1,753 Multiple user price 2,444 3,489 4,444 5,222 10% discount for previous buyers Total after 10% previous buyer 2,200 3,140 4,000 4,700 Value Added Tax (VAT): UK purchasers please add 20% VAT. Purchasers from any other EU member state must state their VAT registration number on the order form. A 10% discount is available to previous report buyers 2017 Prospex Research Ltd. 8

9 European Trading 2017 European Power Trading 2017 ORDER FORM to be scanned and ed to or call us on +44 (0) report to: Bill to: Company: Address: Telephone: Report version Price Tick your choice Individual user copy 1,395 Multiple user level 1 (2 users) 2,444 Multiple user level 2 (3 users) 3,489 Multiple user level 3 (4 users) 4,444 Multiple user level 4 (unlimited number of users) 5,222 10% DISCOUNT FOR PREVIOUS PROSPEX REPORT BUYERS 20% VAT (UK customers only) TOTAL DUE (pound sterling) Companies of any EU member state except UK MUST supply their VAT registration number below: CHOOSE 1 OF 2 SIMPLE WAYS TO PAY 1 You can pay by Credit Card: Name of card holder (as it appears on the card): Credit card billing address: Please debit my credit card (tick choice): Card number: Expiry date: CSC (last 3 digits at the back of the card or last 4 for Amex): Signature: If you pay by Credit Card the report will be delivered directly to your desk by THE NEXT DAY 2 You can also pay by bank transfer: I have arranged a payment for the sum of (sterling) or (euro) to: Nat West Bank, Victoria Branch, PO Box 1357,169 Victoria Street, London SW1E 5BT, UK Account name: Prospex Research Ltd. Account number: , Sort code: Swift/BIC code: NWBK GB 2L IBAN number: GB13NWBK In this case please us your order form together with details of your bank transfer. The report will be sent to the user as soon as we receive your payment. info@prospex.co.uk 2017 Prospex Research Ltd. 9